HomeMathKit Compare loans
$350K HOME

Mortgage payment on a $350k home

$2,440/month on a 30-year loan, or $2,976/month on a 15-year loan, is the estimated payment on a $350k home with 20% down, at the Freddie Mac PMMS 30-year (7.4%) and 15-year (6.73%) average rates as of 10/8/2026, national-average property tax and insurance.

A $350k home with a $70,000 down payment leaves a $280,000 loan. To keep the $2,440 total 30-year payment at or under 28% of gross income (the calculator's default housing ratio), household income would need to be roughly $104,593 a year, before other debts. Choosing the 15-year term instead cuts lifetime interest by about $252,483 ($417,919 vs $165,436), at the cost of a $536/month higher payment.

30-year vs 15-year payment on a $350k home
TermRatePrincipal & interestTotal monthly paymentTotal interest
30-year7.4%$1,939$2,440$417,919
15-year6.73%$2,475$2,976$165,436

Property taxes add $263/month and insurance adds $239/month in this example, on top of principal and interest, for either term.

Open the 30-year example Open the 15-year example

Source references: Tax Foundation: Property Taxes by State and County, 2026 Insurance.com: Average Homeowners Insurance Rates by State (2026)
Rate reference as of 10/8/2026. Educational software; no professional review claimed.

GOOD QUESTIONS

A few things you
might be wondering.

What down payment does this $350,000 example use?

20%, or $70,000, which is the threshold below which this model adds borrower-paid PMI. A smaller down payment raises the loan amount, the payment and usually adds PMI.

Why do the tax and insurance assumptions matter?

This page uses the Tax Foundation's 0.9% national average effective property tax rate and Insurance.com's $2,872 national average annual homeowners insurance premium. Your state and county can differ substantially; see the by-state examples for state-specific figures.

Which term should I choose, 15 or 30 years?

A 15-year loan pays off faster and usually carries a lower rate, but a materially higher required monthly payment. See the full 15 vs 30 comparison for the tradeoff at this price.